Source of water put in a favourable position (4-6)

I believe the answer is:

well-placed

'in a favourable position' is the definition.
(placed in an advantageous position)

'source of water put' is the wordplay.
'source of water' becomes 'well' (water may come from a well).
'put' becomes 'placed' (I've seen this before).
'well'+'placed'='WELL-PLACED'

I've seen this clue in The Guardian.

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